One premise should underpin all strategic considerations at the start
of an 1831 game. According to designer Carl Burger, in order "to
win 1831, you must be running at least one system." This is
not a rule, but rather a strategic concept. It is based on the fact
that the growth and earning power of a system are clearly superior to that
of a company. Even the act of merging or taking over another company
provides bonus cash to the new system.

If one must run a system in order to have a reasonable chance of winning,
then the next consideration must be to decide where and how this system
will be created. To create a system, there must be a primary company
that will either make a friendly merger with a company owned by the same
player or will make a hostile takeover of a company owned by another player.
The possible options are:

1. Create one company at a high par level, and use it to take over an
opponent's company as soon as possible.

2. Create two companies in the first stock round and merge one into
the other.

3. Create two companies in the first stock round and have them both
aim to make hostile takeovers.

4. Create one company in the first stock round at the lowest par level,
buy all its stock, pay dividends +200%, sell common shares in that company,
and use all the profits to finance a new company in the 2nd Stock Round
at $150 par. Then make a friendly merger of the company
with lower par value into the other company with the high par value.
(This friendly merger cannot occur until after the newest company has completed
one full operating round. Thus, the first opportunity to merge would
be in the game's 3rd operating round.)

5. Create one company in the first stock round at the lowest par level,
buy all its stock, pay dividends +200%, sell common shares in that company,
and use all the profits to finance a new company in the 2nd Stock Round
at $150 par. Then attempt to make a hostile takeover
using the newest company. (This hostile takeover cannot occur until
after the newest company has completed one full operating round.
Thus, the first opportunity would be in the game's 3rd operating round.)
The original company would eventually try to make a hostile takeover
as well, but that may be difficult given its lower par value.

A player must therefore decide which of the above options he will pursue,
and where on the board he plans to do it. The choice normally revolves
around three main areas of activity on the map. The first is centered
at Cleveland in Ohio. The C&O, Erie, and Nickel Plate (NKP) all
start there. Track is relatively cheap to build and there are plenty
of large cities nearby. Buffalo is a little more distant but very
lucrative if reached. Smaller companies (B&LE, PM, DTI, THB,
GTW, PS&N, and BR&P) exist in sufficient numbers to permit two
to three large systems to profitably operate in this area. However,
some of these companies are distant enough that it would take several operating
rounds before mergers or takeovers could occur with them. Moreover,
there may be fierce competition for the easy shoreline route from Cleveland
to Buffalo, with the advantage going to the player whose company operates
first in this area.

New York City is the second focus of company activity. No other
single city pays as much in revenue, and the commuter run (White Plains-New
York City-Long Island West-Long Island East, etc.) is highly lucrative.
Three companies begin in New York City (LIRR, NYC&HR, and DL&W).
The first two of these are clearly meant to be commuter railroads since
they lack yard tokens. Many other railroads originating around New
York City will inevitably use track builds, mergers, or takeovers to extend
their lines into it to maximize their profits. To the west this includes
the railroads starting at Philadelphia (PRR, P&R) and even Baltimore
(B&O, WM), not to mention other small lines such as the CNJ and the
LV. North of New York City are the NYC in Albany and the NYNH&H,
plus a few small lines (LNE, NYO&W) plus the yard-only D&H in Albany.
All of these, too, could well look to anchor their lines in New York City.
Moreover, New York City can hold one yard and five station tokens.
Whoever can place that sole yard token has a very strong advantage and
could earn much in track right fees.

The third starting point is the northeast, centered at Boston, home
of the B&M. Around Boston are several large, lucrative cities
The NYNH&H might have its eye on that area, and so might the NYC or
D&H. Nevertheless, the B&M can be a company which faces less
threat of hostile takeovers thanks to being away from the mainstream of
activity. If the B&M starts strong, it may be able to merge easily
with a friendly MEC to the north, or a weak NYNH&H. When nine
or more persons play, the Rutland may also be another merger partner for
the B&M.

The choice of starting area may well be an indicator of how much risk
a player is willing to take. The greatest risks are in the New York
City region, for that area has the potential to generate a lot of wealth
but also has a lot of companies to vie for pieces of that pie. In
Ohio there is slightly less risk only because the number of companies is
fewer. Starting in Boston is relatively safe unless the B&M is
insufficiently capitalized to resist takeovers.

For those who wish to maximize their chances to successfully form a
system via friendly merger, even if it is not a very large system, there
are a couple of additional possibilities. One could start the Maine
Central (MEC) and the Bangor & Aroostook (BAR). Only the B&M
is close enough to interfere, and even then only if the friendly merger
is delayed too long. However, there aren't any large cities in Maine,
so profits would not be large, unless perchance the B&M was later taken
over for bonds. Another backwater system would be the Canadian GTW
and THB combination. This line would have the potential to reach
Buffalo and Rochester, giving it an opportunity for some decent cash returns.
However, if you try this, grab the THB first before a player with a Cleveland
based company opts to make the THB his own second company. These
least risky alternatives in Maine or Canada may help one safely launch
a system, but they are less likely to lead to a win than the riskier ventures
that result in big systems in very lucrative areas.

Having thus decided where to operate his company or companies, a player
must then choose one particular company with which to start. It may
not be possible to obtain the optimum second company of your choice, so
it is good to have some contingency plans in case someone short-circuits
your strategy by their own stock purchases. Also, remember
that if your first company has fewer preferred stock certificates than
other players have, you should be able to buy a certificate in your second
company before the other players can start buying shares in their second
companies. For example, in a six-player game if previous players
have bought in turn the PRR, LIRR, C&O, NYC, and NYNH&H, the last
player might decide to start in Ohio to give the C&O player some competition.
However, he should not start the Erie because that would let the C&O
player grab the NKP as a second company. Rather, he should buy the
NKP first, with its 20% President's share, thereby finishing his buying
before the C&O player and thus getting first chance to get the Erie.
In this same example, the LIRR player will get to buy his second company
before the PRR, NYC, and NYNH&H players. So it can be seen that
going first doesn't always guarantee the best buying opportunities, and
sometimes the weaker and smaller company should be bought first in order
to grab a better second company.

2. COMPANIES AND
THEIR MERITS

With up to thirty companies available for play, 1831 may appear to present
a bewildering set of choices for a player who wants to manage some well-run
railroads. Inevitably, players will wonder whether some railroads
are favored more than others. Yes and no. Any railroad can
be an important component of one's overall strategy. No railroad
is intrinsically bad, for even one of the small coal lines with only six
yard tokens may end up becoming the head of a larger system. On the
other hand, a company that starts off with a very large number of both
kinds of tokens will obviously have some advantage in the race to reach
distant regions of high revenue. There are seven companies that only
have six tokens, but four of these only appear in games of 9 or more players,
and one appears only in games of 7 or more participants. When there
are four players or less, the least amount of tokens a company would have
is 8 (LV, GTW, and MEC).

1831's companies are biased toward yards rather than stations.
Of 21 companies having both kinds of tokens, only the NYNH&H (7 stations,
4 yards) and the THB (5 stations, 2 yards) have more stations than yards.
Five of these 21 companies have an equal number of station and yard tokens,
with the C&O, at 7 of each, being the largest. The others are
the B&M (5 each), GTW (4 each), CNJ (4 each) and WM (3 each).
The LIRR (9 stations) and NYC&HR (8 stations) are the only two companies
lacking any yard tokens at all. Both of these also happen to start
in New York City, in the heart of the game's most important commuter run,
which requires a station train. On the other hand, seven companies have
no stations at all. Two of these (B&LE, D&H) have 9 yards,
one (LV) has 8 yards, and the other four (EBT, PS&N, LNE, C&PA)
all have 6 yards. These are the companies that I call the "coal lines,"
since many of them were involved predominantly in hauling coal and other
freight.

The game's bias toward yards presents problems in the early part of
the game. In the first few operating rounds, when 2-trains and 3-trains
prevail, there are very few yard trains to be had. Available station
(passenger) trains outnumber yard (freight) trains by at least 3-2, but
more often 3-1 or 4-1. There are also "mixed" trains, that must include
at least one station and one yard. These are available up through
5-trains, but their availability diminishes over time. When 4-trains
are in play, the number of station trains is equal to the number of yard
trains in a five- or six-player game; otherwise, the station trains
are slightly more numerous. With the coming of the 5-trains, the
number of yard trains tends to be greater than that of station trains,
except for games of three, five, or six players, where they are equal in
number. Thereafter, the availability of yard trains is at least equal
to that of station trains, but more often is higher. They are markedly
higher when the 15-trains appear just prior to game end.

What does this mean for company selection on the first turn of the game?
Unless a player starts a "coal line" at a high par level, with a view to
operating first, he could well find himself without access to a yard train
when it is his company's turn to operate. That is because companies
such as the Erie, the P&R, the NKP, or the PM (and the C&O if it
starts in Virginia), all with home tokens that are yards, may opt for a
yard train in preference to a mixed train. In fact, these companies
must be able to get a yard train or a mixed train on their first turn or
they won't be able to make a revenue run, since one of their two cities
must be a yard. In a five- or six-player game, of the 22 companies
available for play, 5 cannot run without a yard train, 4 can run with yard
or mixed trains, 10 fare okay with station or mixed trains, and 2 can only
earn dividends with a station train. The C&O, because it has
two different starting locations, is unique in that it can use any type
of train, depending on where its home token is placed. In general,
because of the shortage of yard trains, it is usually safer to start a
company that can use either a station train or a mixed train. However,
if one's company will operate first, it would be safe to opt for one whose
home token is a yard. Also, if no other company operating previously
will have need for a yard train, one might gamble on starting a "coal line"
company. I say "gamble" because there is nothing to prevent a company
from buying a train it cannot use just to keep it out of a competitor's
hands. Note that of the total available 2-trains and 3-trains in
a five-player game, only 2 of those 15 trains are yard trains. Thus
yard-only companies such as the B&LE at Pittsburgh, the D&H at
Albany, and the LV at Wilkes-Barre tend to be far riskier to start than
the station-only LIRR and the NYC&HR. Starting in the high-revenue
New York City with its commuter-run advantage often makes one or both of
these passenger lines popular starting companies.

The chart of Railroads
in 1831 - Grouped by Number of Players shows that the first nine companies
listed have 10 or more tokens. They represent the largest railroads
in the game and all of them have both stations and yards. Of these
nine companies, the first eight are the only companies in the game to have
president's shares of 10% preferred stock. Eight companies in the
game have 20% presidencies, of which one (NYC&HR) is only available
if five or more play and another (CNJ) if seven or more play. Their
total number of tokens is either 9 or 8, with the exception of the NKP's
10. Companies with 25% president's shares include the GTW and MEC
with 8 tokens, the BAR, PM (these two for five or more players),
and NYO&W (seven or more players) with 7 tokens, and the Rutland (nine
or more players) with 6. There are six companies with a 30% president's
share, having either 7 or 6 tokens, and only two with 50% presidencies,
both having 6 yards.

Note that the only way a player can start a company at $150 par and
still start a second company in Stock Round #1 is if the first company
is one with a 25% presidency. Otherwise, to ensure control of his
company a player must retain 30% of its preferred stock, thereby reducing
how much he can sell off in order to fund his second company. Note
further that a company with a 50% presidency must start alone since the
player cannot sell off any preferred stock. He will own that company
for the entire game, barring a close-out of the company. Only the
PS&N (in a game with five or more players), and the C&PA (in games
of nine or more players) have these 50% presidencies. These two "coal
lines" are unlikely to be among a player's initial companies (although
they may occasionally serve as a second starting company), but their one
great virtue is that the the President's share counts as only one certificate.
The 30% and 25% president's shares are also valuable in this way as well,
while being more flexible in regard to sell-offs.

Companies
with 10% president's shares:

PRR (9 stations, 12 yards):
The Pennsylvania Railroad with 21 tokens is the largest company in the
game. It's home token is a station. Is the PRR a good railroad
to own? Certainly. When formed into a system, it can make use
of 10 additional stations and 7 more yards, maximum. It stands a
good chance of ending up in the system with the largest number of
tokens in play. However, the number of tokens a company has and its
location on the map never alone are sufficient to guarantee that the owner
will win. A lot depends on whether or not it makes a good merger combination.
Philadelphia is a good starting location, with easy access east to New
York City, southwest to Baltimore and Washington, and northwest to the
large cities of Wilkes-Barre, Scranton, and Binghamton. However,
it will be paying for river terrain over much of its routes. Although
rarely seen in practice, the PRR is capable of reaching Pittsburgh and
then extending to the rich Cleveland terminus. Especially if it has
merged with a smaller line around New York City, this would make the PRR
a very strong contender for victory with a mainline worthy of the biggest
trains in the game. Normally the PRR would be eager to merge with
one of the railroads that start in or close by New York City. Alternatively,
the PRR could attempt to merge with the B&O to form a very large system,
or with the P&R to create a buffer between the New York City area and
Baltimore, thereby inhibiting the B&O from heading northeast.
On the other hand, the PRR can also appear to be a very tempting merger
target for a smaller line that wishes to grow rapidly in size!

NYC (8 stations, 9 yards):
As with the PRR, the New York Central has to contend with mostly river
routes, so terrain costs can be frustrating. However, its home in
Albany is further from New York City than Philadelphia is, and once it
aims for New York City a drive toward Buffalo seems to falter under the
lure of New York riches. Ideally, if the NYC should connect Buffalo
with New York City as did its historical counterpart, it would have a line
that easily could use the big 12-trains. To be a major contender,
the NYC must manage to merge with a very strong company out of New York
City while at the same time building a network worthy of its 17 tokens.
Mergers with the B&M or the NYNH&H perhaps could fare well, but
it normally would still prefer to aim for a New York City line that had
built north to Albany. Whereas the PRR can usually make good use
of both stations and yards, the NYC seems to be stuck on river routes that
require mostly stations, and its home base is also a station. Unless
it reaches Rochester and Buffalo, or heads east to Vermont and New Hampshire
or to Boston, its yard tokens don't seem to get much use. In large
games of seven or more players, the presence of an active BR&P company
may encourage it to take the path toward Buffalo. Even though the
D&H's home yard is also in Albany, the prospects of these two companies
making a prosperous merger don't seem high. Perhaps if the D&H
built northeast or east to the larger New England cities, while the NYC
focused on the New York City-Albany route, the NYC might eventually share
the D&H routes and thus with their combined efforts they perhaps would
produce a mighty system. Playing the NYC thus requires a sound long-term
strategy that will take advantage of its many yards.

B&O (7 stations, 8 yards):
The next largest railroad (15 tokens) is the Baltimore & Ohio, which
starts with a station in Baltimore. Although able to establish a commuter
run between Baltimore and Washington, the profits from that are not as
compelling as those of the New York City commuter run since the Baltimore-Washington
commute can't make efficient use of anything larger than the 5-trains.
Curiously, the B&O has few close neighbors in a game of 6 players or
less. The WM and the C&PA are in play only if there are 9 or
more players. The CNJ requires 7 or more players to be active.
Otherwise, that leaves the two Philadelphia lines, the PRR and the P&R,
as close neighbors to be feared or targeted for takeovers considerations.
The LV, EBT, and three lines starting in New York City are also near enough
to form mergers, but generally its relations with the PRR and P&R will
be the decisive factor in how the B&O fares. The B&O should
definitely consider a takeover of the PRR if the latter has a much lower
par value. If not, it should see whether the P&R is a choice
target. On the other hand, if the B&O allows itself to be an
easy target for the PRR, there is a high probability that the PRR owner
will aim to create the game's largest system by taking over the B&O.
Finally, one unusual option can occur if the B&O merges into a C&O-headed
system that starts in Virginia. Per a ruling from Carl Burger, the
C&O can later start again in Cleveland as well, thereby allowing it
to play a role in both the northern Ohio and the New York-Philadelphia
sectors.

C&O (7 stations, 7 yards):
Historically, the Chesapeake and Ohio should start in Virginia, not in
Cleveland, but as with the Erie it appears Carl was searching for big-name
companies to start in this important location. As it is, the C&O
is the only railroad company in 1831 that has a choice of initial home
token placement. Usually its station in Cleveland is chosen as the
starting location since the plains of northern Ohio offer not only cheap
track building but also a decent revenue from the large cities. Starting
in Virginia normally makes sense only if it sees that it will have no choice
but to buy a yard train, or if it wishes to merge with the B&O.
It still would have the option of beginning a new line out of Cleveland
at a later point in the game, so it has the potential for operating in
two major areas of the map. Furthermore, if it starts secondly in
Cleveland after having merged with the B&O, the C&O would be invulnerable
to takeovers by companies previously started in northern Ohio. On
the other hand, if the C&O starts in Cleveland with no competition,
then it should merge quickly with the Erie and subsequently should have
an easy path to victory. More often (assuming that the players are
wise), there will be at least one other competitor in the Cleveland area
(probably the Erie) so there will be a race to get tokens in the key hexes
to build the best lines. The NKP will probably be the most desirable
merger partner, but the B&LE, PM and THB could be good matches as well.
If starting in Virginia and unable to merge with the B&O, the EBT "coal
line" may be its next best choice, unless in a game of nine or more players,
in which case the C&PA or the WM could be additional partners.

Erie (6 stations, 7 yards): Carl
Burger's starting location of the Erie Railroad in Cleveland is historically
incorrect, since that railroad originally built from the Hudson River above
New York City to Dunkirk on Lake Erie, southwest of Buffalo. However,
in the game it is one of the major contenders starting at Cleveland, along
with the C&O and the NKP, either of which would be good partners in
a merger. Most often, it can be expected that at least two players
will start in Cleveland, and the Erie and the C&O are likely to be
their top choices. Even though it has one less station than
the C&O, because its home token is a yard, the Erie may at times be
preferable as the first choice company. The Erie President may find
that starting with a yard and building a freight route early in the game
may be more lucrative than waiting to add freight yards to his line late
in the game when they are very expensive. This is all the more desirable
as only one player can own the shortest freight route along the shore of
Lake Erie to Buffalo. The train choices the owner expects to have
in his first operation turn will also determine whether the Erie or the
C&O is the better choice. If the Erie is unable to gain the NKP
as its merger partner, it may find the B&LE, the PM or the THB to be
its best prospects. Rivalry with the C&O player is almost a certainty,
and if one starts at a much higher par than the other there will be strong
incentive to make a takeover attempt on the chief rival. In larger
games, there may be a separate investor starting the NKP, providing fierce
competition for the remaining merger partners.

P&R (4 stations, 8 yards): Unless
one has a strong desire to start a company with a freight yard in Philadelphia,
the Philadelphia & Reading (usually called the Reading) will generally
appear to be a poor cousin to the much larger PRR that starts in the same
city. It simply doesn't have the reach of the mighty PRR, although
it has the same circumstances for building track and making mergers.
It's importance as a potential first investment increases the more players
there are in the game. However, the B&O, PRR, and the three companies
starting in New York City may all find it to be a very suitable merger
partner. The nearby LV, which is a freight-only company, is less
suitable as a partner since it leaves the resulting system very shy of
station tokens. If yard trains should prove hard to come by, then
a P&R/LV System would limp along with poor revenues for its few stations.
On the other hand, there is some advantage for the Reading line to follow
in the footsteps of the PRR because revenues will rise more quickly and
track improvements will be less expensive if the two companies share the
same routes.

NYNH&H (7 stations, 4 yards): The New York, New Haven &
Hartford line can easily reach within two turns to Boston or to White Plains
or to Albany, thereby providing it with six potential partners for mergers.
If it merges with the B&M first, it can attempt without fear of takeover
to push into New York City to benefit from the wealth of that region while
simultaneously getting good earnings from the Boston area. Shielded
from outside interference by the NYNH&H/B&M System, its owner might
later develop the MEC and BAR in Maine as a second system. If the
NYNH&H starts at a high par level, it may even be able to rush toward
New York City while the B&M builds toward the New Haven's home station,
thereby increasing it's chances of building a route into New York if competition
should be fierce there. Moreover, the New Haven may be able to merge
with a New York City line (LIRR, NYC&HR, DL&W) by hostile takeover
and establish a commuter run there. If the player also owns the B&M,
the latter can then seek to merge with the MEC (or even NYC) creating two
solid systems in the northeast that would be hard to beat. Establishing
links to either of the two Albany lines is more expensive due to rougher
terrain, but in games with seven or more players, it is possible that the
New Haven player may find his company surrounded by other strong hostile
lines with only the NYC or the D&H as a viable nearby merger partner.
Since the New Haven has only four yards, an ideal merger partner would
be one that added 5 or more yards to the system to give it better balance.
Thus the DL&W would be a better partner in New York City than the LIRR
or the NYC&HR which have no yards. Nevertheless, the NYNH&H
is in an ideal location to be flexible in choosing a game strategy.
It can also be a good second company to any of those lines mentioned here.

B&M (5 stations, 5 yards):
As noted previously, Boston is a good starting point for someone who hopes
to avoid the worries of takeovers from multiple neighbors. A player
who selects the Boston & Maine may find that his nearest neighbor is
the NYC or NYNH&H, but he would still be able to look northeast toward
the MEC for a friendly merger partner. This is especially so if the
B&M starts with a high par value. If its neighbors to the west
(NYNH&H, NYC, D&H) are weak, it can consider making a takeover
of one of them. When starting with one of those three companies,
if no one else bought the B&M, the B&M could be just the right
second company for them to start. The B&M is surrounded by high-value
large cities in low terrain--a definite advantage in track building and
upgrading. Its one significant disadvantage is that most of its track
expansion will likely be based on its own efforts. The B&M is
evenly balanced between station and yard tokens, but it must become part
of a larger system if it is to make any worthwhile income with trains larger
than the "5" trains. One final point of interest: the B&M is
the company best able to profit from "Doubling Initial Revenues" [see major
heading below].

Companies
with 20% president's shares:

NKP (3 stations, 7 yards): The Nickel Plate Railroad has as many
yard tokens as its two chief competitors (the C&O and Erie), but it
only has half as many stations. Thus it is the weaker of the three
companies that start in Cleveland. The NKP is potentially a desirable
merger partner for the C&O or the Erie, but if it is started by a third
player, there will be considerable competition for routes and merger partners
in the west. The NKP player, similar to the Erie player, will be
eager to build a yard line connecting Toledo to Buffalo via Cleveland,
but only one of them can manage to own the most desirable shoreline route.
If the C&O starts first with a mixed train, it also can compete for
the same route, creating more challenges for the NKP. Thus, being
the first to operate out of Cleveland may be a major advantage. If
unable to merge with the C&O or the Erie, the NKP may find the THB
to be its most advantageous merger partner, since the latter has more stations
than yards. On the other hand, if it somehow could be sure of having
no trouble obtaining yard trains throughout the game, the B&LE's 9
yards would give it enough tokens to use the largest yard trains at game
end, thereby providing it with a tremendous revenue advantage. If
a player can choose only one of either the NKP or Erie companies, the Erie
would
always be preferable to the NKP if only the number of tokens mattered.
However, there may be times when buying the NKP first would help that player
also gain the Erie, or some other important merger partner in the area,
thanks to the NKP's president's share being a 20% certificate. With
less shares to buy, the choice of a second company will come sooner.

DL&W (2 stations, 7 yards), LIRR (9 stations)
and NYC&HR (8 stations): All three of these companies
start
in New York City. That alone makes them important as first
or even second companies for the players. The Long Island RR may
well be one of the favorite companies to start. If started at a high
par value, it probably won't be easily taken over in the early stages of
the game and if bought by the first player, it should also get the station
train it needs so much. The NYC&HR (New York Central & Hudson
River) is only inferior in this respect because it has one less station
token (and is only available in games of five or more players). However,
neither of these companies can function with yard trains, and only the
use of track rights would make a mixed train viable. Thus, if not
started with high enough par values to end up running early in the first
operation round, these companies risk the problem of not being able to
buy a suitable train, thereby possibly leading to receivership problems.
They can risk starting slightly later and at slightly lower par values
only if the companies that operate first happen to be companies unable
to use station trains. The Delaware, Lackawanna & Western can
function with either station or mixed trains on the first turn, and later
can build a decent yard route. Note that it also can place a yard
token in New York City itself, which is the single highest-paying token
on the map. Under fierce competition, it may even be able to do this
before losing the opportunity to all other contenders for that plum (PRR,
P&R, LV, CNJ, NYO&W, LNE). Thus it is the least risky of
the three companies starting in New York City. Nevertheless, the DL&W
cannot run commuter trains as its New York sisters can. It needs
to be part of a larger system with more station tokens in order to do that.
The NYNH&H can be an ideal merger partner because the resulting system
would have 9 stations and 11 yards. The PRR or NYC could likewise
be good partners. Alternately, the DL&W may wish to merge with
the LIRR or the NYC&HR to provide the latter two with the yards necessary
to function when station trains are lacking. For the LIRR and the
NYC&HR, their prime interest is in laying tokens on the White Plains-New
York City-Long Island West and East commuter run. Finding a merger
partner with yards is next on their wish list. In a game with seven
or more players, it is highly likely that all three of these companies
will be in play. Even with six or less players, at least two of them
will probably be in play.

B&LE (9 yards), D&H (9 yards),
and LV (8 yards): These are the large freight lines in
the game. The Bessemer & Lake Erie starts in Pittsburgh, the
Delaware & Hudson in Albany, and the Lehigh Valley in Wilkes-Barre,
Pennsylvania. All suffer from being forced to use yard trains only,
so unless they operate before any other company, they each run the risk
of owning no train capable of earning revenue. However, with only
one yard-type 2-train available in three- and five-player games, and only
two such yard trains available with games of four, six or more players,
only one or at best two of these companies could safely start a game.
Why would one want to even do that with so many larger companies around?
Suppose one is investing last after the other players have bought their
companies and the others all started with 10% president's shares.
If they started at mid-range par values, the last player might wish to
start one of these freight lines at high par value, guaranteeing that he
will operate first and get his vital yard train. Moreover, he would
be able to invest in his second company sooner than the other players because
his 20% president's share would save him a turn of purchasing. Thus
he might get a good combination, such as either the D&H or the LV paired
with the NYC&HR, the D&H with the B&M or NYC, the B&LE
plus one of the three Cleveland lines, or the LV and the B&O.
In doing so he might not only help create a viable system for himself,
but thwart another player's second buy, such as the PRR hoping to get the
B&O. Moreover, if able to build those yard routes early, they
can pay off quite handsomely in the end game when yard trains are more
plentiful and competitors are struggling to build freight routes at exorbitant
prices. This is not a strategy for the timid, nor perhaps for the
novice, but it is one possible route to success.

CNJ (4 stations, 4 yards): In games of seven or more players,
the Central of New Jersey starts with a yard home station immediately adjacent
to New York City. If one has been shut out of starting a New York
City company by the investments of other players, the little CNJ gets one
close enough to perhaps grab the yard token slot or to even get some of
the commuter slots. Much will depend on its position in the operating
round. It also may make a nice merger partner for companies such
as the PRR, P&R, and B&O (or even the WM in a nine-player game)
that want to approach New York City from the west and have not been able
to grab one of the lines starting in that city. Even the LIRR, NYC&HR
or DL&W may wish to merge with the CNJ. Yet it would probably
be a rare game in which the CNJ is actually a player's first starting company.

Companies
with 25% president's shares:

GTW (4 stations, 4 yards): This company is far too small
to be the great Grand Trunk of Canadian history, and is misplaced to be
the American component of the Grand Trunk, for the Grand Trunk Western
was really a Michigan-based company connecting Detroit to Chicago.
The tokens only have the herald GT, not GTW, adding to the confusion of
what to call this line. Starting it in Toronto makes little historical
sense for the GTW, and a new location and/or new name might have been a
better choice for Carl Burger to make for this Canadian line. {Perhaps
a large GT company in Montreal, or the Great Western in Hamilton, or the
GTW in Detroit would have been better.) Furthermore, Toronto
is a small city with stations only, but after building a short passenger
run the company must turn to building a short freight line. I consider
the GTW to be less valuable than the THB which begins in a larger city
and is closer to Buffalo. However, if played the GTW will also generally
build toward Buffalo, often trying to connect the large city of Hamilton,
Ontario, with Buffalo via a freight line. Obviously, trains bigger
than 4-trains will be wasted on this line, and normally it would need one
yard train and one station train in order to be profitable. So a
merger is highly important for this line. For a player who wants
to stay in a quiet backwater, the GTW could merge with the THB, but similar
to an MEC/BAR System, this would not alone be a game-winning system.
One of the Cleveland lines (C&O, Erie, or NKP) might also wish to merge
with it in the vicinity of Buffalo, or the PM or PS&N might be other
potential partners, but these latter two are small companies and would
again not be likely to produce a game-winning system by themselves.
A third company might be targeted for bonds, and then the system would
have a stronger chance of success. In games of seven or more players,
the BR&P would be another potential partner, as would the DTI.
Nevertheless, the 25% president's share permits the owner of the GTW, if
started as his first company, to buy his second company in the west earlier
than competitors who had invested in large companies and also with more
options for the par prices. At times, especially in games with a large
number of players, this might prove useful.

MEC (3 stations, 5 yards): If one desired to play the B&M
but was choosing last in the first round of stock investments, one could
do very well by selecting the Maine Central first. It's 25% president's
certificate would then probably permit one to start the B&M before
any competitors could, and would give the player two companies capable
of a friendly merger. There would be considerable flexibility in
the starting par values, with the MEC able to start high or low depending
on whether the NYNH&H, NYC, or D&H were likely to be targeting
the B&M. The other option for the MEC is to seek to merge with
the BAR while the B&M attempts a hostile takeover against a western
neighbor. The B&M could be given the higher par value and the
MEC would bide its time until the owner was able to start the BAR and arrange
the friendly merger between the two Maine companies. If the B&M
was not able to effect a takeover, it could still fall back on merging
with the MEC provided the BAR hadn't already become a factor to consider.
Aside from the mergers with the BAR or the B&M, there is very little
for the MEC to do. There are no large cities in its home state of
Maine, so it is not by itself a very lucrative company. With the
BAR it has the advantages of a system, although not a very rich one.
On occasion the MEC may be able to make a hostile takeover of the B&M,
but rarely would a MEC/BAR System be able to effect a hostile takeover
for bonds of a competitor's B&M since as the game progresses the B&M
will likely have become part of some other system or will at least have
become harder to take over. The MEC can be useful, but never forget
its limitations.

BAR (2 stations, 5 yards): Available only in games of five
or more players, the Bangor & Aroostook is dependent on the existence
of the MEC in order to be a line of any significance. It's home token
is a station but with only two of them it wastes a station train unless
it's part of a larger system, especially since it is unlikely to be one
of the companies started in the first turn when 2-trains are available.
Perhaps in a game with nine or more players someone would want to stay
out of the path of hostile takeovers and would elect to start the MEC and
the BAR to form a system by friendly merger. Such a player
might not come in last, but would not be likely to win unless he somehow
also managed to invest very well in the best systems that developed in
the game. Where a B&M/MEC System already exists, it is unlikely
anyone would want to start the BAR since it would be an obvious and probably
easy target for a takeover for bonds.

PM (3 stations, 4 yards): The Pere Marquette company with its
yard home token is the westernmost company in the game. The PM is
only available if five or more are playing 1831. It could aim north
and east to merge with a Canadian line (GTW or THB), but this would form
a relatively weak system unless it connected all the large cities from
Detroit to Buffalo north of Lake Erie. Adding Toledo or even Cleveland
would also improve such a system, but track rights might be necessary.
More often, however, the PM is likely to be a takeover target or a second
company for a player owning one of the three Cleveland-based companies
(C&O, Erie, and NKP). In this role, it could be part of
a game-winning system. In a large game with 7 or more players, the
DTI starting in neighboring Toledo becomes another merger partner with
which it might find wealth in a line through the large cities south of
Toledo where track-building costs are fairly cheap.

NYO&W ( 3 stations, 4 yards): The New York, Ontario
& Western is only available in games of seven or more players.
This small line at least has both kinds of tokens, making it more likely
to be in play than its adjacent neighbor, the LNE, whose home token is
also a yard. Nevertheless, it is one of the companies least likely
to make an appearance in 1831, since it is surrounded by river and mountain
terrain and needs a yard train to have any decent prospects for income.
A desperate LV, NYC, or D&H company might want to merge with it, or
perhaps a New York City line that can't find any other merger partner.
If it managed to have a route into New York City it would be far more desirable,
but it is likely to be too far away to beat the competition for the New
York City token spaces. Most players will find other companies more
appealing for revenue purposes. Actually, the only advantage this
company has is its 25% president's certificate. No other company
so close to New York City or Albany has a larger president's certificate.
Consequently, a player who plays last (or perhaps second last) in the first
stock round may want to choose this company just so that he can have first
pick of a second company in the area. This may work to his advantage
if the other companies begin at $135 par or less and he starts the NYO&W
at $150 par. The NYO&W would then have the first opportunity
at making a merger or a takeover in this region. The weaker secondary
companies of the other players might have to guard against him, perhaps
thereby postponing their own friendly mergers. In fact, sometimes
the NYO&W player might even be able to start his second company elsewhere
if he is confidant of making a takeover. Or it might merge with the
NYC or D&H, and then as a system make a takeover attempt for bonds
against a New York City company. In the long run, the NYO&W is
not very good as a company, but just might turn into a powerful system
if played correctly. Incidentally, the historical predecessors of
this company started in Oswego on the shores of Lake Ontario with a view
to running a line to Jersey City. It might have been more interesting
if this railroad's home location were two hexes northeast of Rochester,
the starting location of the BR&P.

R (2 stations, 4 yards): The Rutland Railroad requires nine or
more players in order to be in play. For some reason presumably related
to play balance, Carl Burger placed its home station in what amounts to
Whitehall, New York, rather than in Rutland, Vermont itself. (If
there were a large GT company starting in Montreal this would be a good
merger partner.) As it is, the Rutland's only merger partner is likely
to be the D&H, or occasionally the NYC or B&M. The 25% president's
share is less useful with the Rutland than with the NYO&W, since it
would likely be used only to help start a secondary company in Albany.
Chances are, the NYC will already be taken, and the D&H is risky as
a secondary company. As with the other three companies added on in
games of nine or more players, the Rutland is unlikely to be purchased
in the game. In fact, it competes with the LNE for appearing to be
the least useful company in the game. Once in a while, it may be useful
for a player who wants an additional company to operate independently in
a quiet backwater where the threat of a takeover is minimal.

Companies
with 30% president's shares:

THB (5 stations, 2 yards) and BR&P (2 stations, 5 yards):
These two companies are the ones most oriented toward profiting from
the large city of Buffalo. There must be five or more players
in order for the Toronto, Hamilton & Buffalo Railroad to be in play,
and seven or more players for the Buffalo, Rochester, & Pittsburgh
to be available. The 30% president's share makes both of these companies
valuable in regard to the stock certificate limit. They may well
be the best of the companies having 30% president's shares since they also
have more tokens than the others in this category. Moreover, they
are better placed to prosper independently than others of this group, especially
if they can reach Buffalo early, before other companies out of Cleveland
reach it. The two would make good partners for a merger if there
are at least seven players in the game, since their numbers of stations
and yards exactly complement each other. The THB should emphasize
the passenger route to Buffalo while the BR&P would emphasize the freight
line. Despite its name, the THB will have little interest in going
to Toronto in this game, since Toronto is a small city with no importance
except as the home station of the GTW. The GTW may be a potential
merger partner, but the large companies of Cleveland will no doubt eye
it as well, as may also the PM or the PS&N. Ideally, starting
the THB first and then selling off two shares in order to buy a second
company will probably give this player the first chance to buy a second
company in a typical first Stock Round. If all players have made
one purchase and only one other player has bought a Cleveland company,
the THB owner should have his pick of the remaining two. If he wants to
be in Cleveland and two lines have been chosen there already, he might
as well start with the THB and then pick up the remaining one since even
the NKP player would choose his second company after the THB owner.
The BR&P's merger partners are most likely to be the THB, GTW, one
of the three Cleveland lines, the PS&N, or perhaps the NYC or D&H.
The THB and the NYC are perhaps the easiest mergers to effect. In
fact, the NYC is more likely to head for Buffalo if it has the BR&P
as a friendly ally for a merger or if it is vulnerable to a takeover attempt
by the NYC. Both of these companies start with home stations.

EBT (6 yards) and LNE (6 yards): It would be a strange game that
saw either of these "coal lines" begin in the first Stock Round.
Both can place only yard tokens, and available locations for these tokens
are chiefly in mountain or river terrain. Early in the game they
face the problem of a shortage of yard trains, and late in the game the
yard trains are too big for companies with only six tokens. Neither
of these companies is in a prime location for mergers or takeovers, and
if one dares to start a yard-only company in Stock Round #1, it is more
likely to be one of the bigger ones with better prospects (B&LE, D&H,
LV). The LNE appears only in games of nine or more players, whereas
the EBT only requires at least five players. Thus, the LNE will rarely
be seen in play. If it is started, it will likely be only because
some company in the New York City or Albany vicinity lost its expected
merger partner and needs another one close enough for their track lines
to connect. The EBT might be a suitable partner for other "coal lines"
such as the B&LE, LV, PS&N, or its near neighbor the C&PA,
if it was confident of its ability to gain yard trains every time it had
to purchase one. Since this kind of absolute confidence in unlikely,
it is more likely that one of the lines in Baltimore or Philadelphia would
be a better match, especially if they had been shut out of New York City.
In a game with nine or more players, such a thing might happen, but in
five- or six-player games, the EBT will probably not be considered very
relevant for mergers. However, if the C&O starts in Virginia,
and cannot merge with the B&O, then the EBT might be its only other
possible merger partner. The fact that these "coal lines" have a
30% president's share might encourage some players with extra money in
their hands to buy them in mid-game so as to have extra income along with
a gain in stock holdings. However, if players wait too long the combination
of terrain costs and high-priced yards may make these companies only marginally
profitable at best. They need to be part of a system to bring better
profits, but usually there will be better merger options for most companies
than these small lines.

DTI (2 stations, 4 yards): Seven players are required for the
Detroit, Toledo & Ironton railroad to be in play. Its merger options
are similar to those of the PM, which has one more station and therefore
might be slightly more preferred. However the DTI is ideally suited
for building a line south through the large cities of western Ohio, making
it a very favorable partner for one of the large Cleveland-based companies.
Moreover, unlike the neighboring PM, the DTI's home location is a station.
The 30% president's share may also offset the token advantage of the PM.
It can be used in the same way as the THB to possibly latch onto a Cleveland
company as the second investment of the first stock round, but if
both the DTI and THB are in play, the one which started first with the
higher par value will have the edge in that contest. The DTI might
even consider the PM as a merger partner.

WM (3 stations, 3 yards): The Western Maryland begins at a station
in Baltimore, but only if there are nine or more players in the game.
The B&O is always a better choice as a company, leaving the WM as the
secondary choice for a company looking for a merger partner in the Baltimore
region. The C&O, if starting in Virginia, may consider it along
with the C&PA or the EBT for mergers or takeovers if the B&O is
not its partner. If fearful of its neighbors, the B&O player
may start the WM only for the convenience of creating a quick friendly
merger to protect against advances by the PRR or P&R. As with
the three other small companies (R, LNE, C&PA) added in for games with
nine or more players, this company is not likely to appear in many games,
although it is perhaps more likely to appear than one of those other three.
Outside of providing extra stock holdings due to its 30% president's certificate,
the other advantage of the WM is that it is located in a large city near
two other large cities (Washington and Philadelphia), thereby giving it
some usefulness as a merger partner.

Companies
with 50% president's shares:

PS&N (6 yards): Available in games with five or more players,
the Pittsburgh, Shawmut & Northern "coal line" should usually forget
about Pittsburgh and head for Buffalo which is closer, less expensive to
reach, and more remunerative. As with the EBT and LNE, most of the
nearby terrain is expensive for track-laying. The 50% president's
share allows for no sell-offs to start a second company, so it will be
unlikely ever to start in the first Stock Round. The BR&P, THB,
GTW, EBT, and the three Cleveland lines are the lines near enough for mergers,
but chances are that most players will consider other companies to be more
useful than the PS&N as a merger patrtner. On its own, the company
is likely to be only marginally profitable at best, but as part of a system
with a long yard route it could pay off fairly well in the endgame.

C&PA (6 yards): Everything said about the EBT is true
for its near neighbor, the Cumberland & Pennsylvania "coal line."
The only difference is that this company is even better as a buy for those
with an interest in maximizing their shares of stock, since its president's
share is a 50% certificate. However, nine or more players are required
for the C&PA to be active, so it won't see action very often.

Summary:

The large companies will appeal to players for their greater numbers
of tokens and consequent ability to use the larger trains in the endgame.
The smaller companies are desirable because they offer more stock shares
per president's certificate. This advantage should not be over-looked,
especially by players who are last in the stock-buying sequence.
There is considerable advantage in selecting one's second company before
one's competitors do. It not only may leave you with the best combination
to be had, but it may even be good as a defensive move to prevent the first
player or two from getting ideal matches for their original companies.
Players must consider their own preferences in regard to region of the
board in which to operate, the risks to be taken, and the options remaining
after previous players have chosen their companies. In games
with many players, one might even avoid running a company and prefer to
buy stock in other player's companies with the hope of having the winning
mix.

The above summary comments on the companies do not take into close account
a player's choice of starting a company at $77 par and buying all ten shares.
Buying the second company at a high par value would be delayed until Stock
Round #2, and the merger of the two cannot occur until the third operation
round of the game. This delay entails some risk since the original
company may become a takeover target before the second company has the
option to make a merger. Players are cautioned to use this buying
strategy after careful consideration of what other players are doing and
where the original company will be located. This strategy is riskier
the earlier in the stock round that a player must choose his company.
On the other hand, it can provide the player with considerable profit and
give him an early advantage in overall assets. This translates into
more buying power early in the game. Remember also that not all the
other players will be able to effect a friendly merger on their second
round of operation, since the market values of the companies may be too
close or the available cash insufficient. Moreover, some may even
lose their second company to hostile takeovers. 1831 is a game that
provides no absolutely safe starting strategies. What happens is
driven by the mix of players, their preferences, and the chances they are
willing to take. Excessive caution leads to stagnant growth, but
lack of sufficient caution can lead to the loss of one's companies.
The winner will normally be the one who makes the most of all opportunities
while keeping an eye on the threats to his own holdings.

3. COMMON STOCK

Common Stock presents players with opportunities and pitfalls.
Since the purchase of a company's third and fourth 10% common stock certificates
from the initial offering cause the Stock Marker Token to rise one square
each (rules 4.7.10 and 4.7.11), the value of company thus increases when
it has become 80% and 90% funded. Per a clarification from Carl Burger,
a system will also get this advantage when it becomes 80% and 90% funded
due to a new common stock purchase. Thus, when a company at 90% funding
takes over another that had no common stock yet sold, it would gain the
80% and 90% funding bonuses again when the 6th and 8th of the 5% common
stock shares in the initial offering are purchased. In addition,
when all of a company's or system's stock is fully in players' hands, there
will be another rise of the Stock Marker Token at the end of the Stock
Round. Needless to say, all these rises in value are very beneficial
to the owners of that stock.

One of the initial investment ploys is to buy up all the preferred and
common stock certificates of a company with a $77 par value in order to
get it to rise in value three levels even before it operates. Next,
in the first operating round, by choosing "pay all plus 200%" of revenue
as dividends, a player gains an increase (to the right) of two more levels
of stock value. A nice profit can be gained by selling off some of
this stock in the subsequent Stock Round. Combined with the large
dividend profit he received, a player can then start another company at
a high par value. Thanks to the "pay all + 200%" high dividends,
the original stock won't even fall much in value when some of it is sold.
Ideally, the company itself can buy one or two of the sold shares in order
to provide a constant source of income every time dividends are paid out
in the future.

Even aside from this particular initial investment strategy, players
must always be mindful that anytime 80% and/or 90% of the initial offering
shares have been purchased, a corporation will increase in market value.
Moreover, players should never forget that moving money around can easily
result in an improved financial position. When one buys a share of
stock from initial offerings, that corporation gains cash to finance future
track growth, or train or stock purchases. If that purchase causes
an increase in stock value, so much the better. Selling off stock
after it has just risen in value may sometimes result in the value of the
company falling back to where it was before purchasing began in that Stock
Round. Sometimes there may be a small loss in value. However,
the corporation has still received an influx of cash and the player also
has more cash (if the stock had gone up in value with his purchase) than
when he started. He can then use that extra cash to buy stock in
another corporation. Thus the player has not only gained more shares
for himself, he has also simultaneously managed to place money into the
original corporation's treasury. Obviously, moving money around in
this way can result in a better financial position for both the player
and his corporation.

For example, let's suppose that player A is president of the B&O
company valued at D165c,162p (Row D, starting from the top of the Stock
market Chart, with common stock at $165 per share and preferred at $162
per share). Let's make the par value for its common stock equal to
$122 and we'll also assume that there is no "Government Intervention" card
in play to prevent profit taking. If Player A buys the 8th and 9th initial
offering shares of the B&O, its stock will rise in value to B195c,180p.
In his next stock turn, let's assume that Player A now sells two shares
of B&O common stock. If the B&O had "paid all" in its most
recent operating round, then the B&O stock would only drop in value
to C180c,171p. The B&O corporation would have received
$244 when it sold player A those two shares, but after selling those shares
Player A would have earned $390. Thus, he made a profit of $146 for
himself while giving his company $244. The company can save this
money to purchase track, tokens, trains, or track rights. Or, it
could immediately use it to buy one or two shares of the B&O that were
just sold into the Stock Bank Pool. Per a clarification from Carl
Burger to rules 4.6.1.1 and 4.6.4, the B&O would be able to redeem
these shares by paying for them at their new value, after the sale by Player
A. Thus, they could be bought for $180 apiece, or $360 total.
If the B&O did not have that much cash, it would only be able to buy
back one share, since it would at least have $244. This share or
two would provide the company with income whenever dividends were paid
on common stock.

In the above example, after benefiting his corporation, Player A would
still have his $146 profit. That's almost enough to buy one high-valued
certificate or two low-valued shares. Since this player has at least
the $390 from selling the two B&O shares, he actually could now purchase
5 shares at $77 par, four at $95 par, or three at $122. So both the
player and his company profit.

4. INVESTING

The timing of investments can be crucial. If it is obvious that
company A is soon to attempt a takeover of company B, players who invest
in one or the other may make a profit. If preferred stock is available
in company A, that is usually the best investment in this situation, since
the resulting system can usually be expected to be profitable. However,
some concern should be given to the long-term prospects of the new system
and also to whether its president is likely to be able to keep it out of
receivership. On the other hand, if no preferred stock is available,
the purchase of common stock in Company B is definitely worth considering.
Normally, the value of the 5 common shares of company B's stock taken over
by company A will increase to the market value of company A, thereby giving
the owner of B's shares a nice increase in the value of his stock assets.
The one caveat here is that the purchase of company B's original offering
shares may possibly cause the market value of company B to rise (at 80%
and 90%), and/or give B enough cash that company A can no longer effect
a takeover of B. There are times when preventing the formation of
a system in this manner may be useful for a player who either may be looking
to create his own system in that region of the map, or who simply wishes
to slow down the prospects of his competitors.

The president of a company that is in imminent danger of being subject
to a takeover attempt should consider whether his company is worth saving.
If he wishes to avoid the takeover, buying more initial offering shares
for himself may help prevent it since it adds to the company's cash holdings.
Other players looking to benefit from the rise in stock price after the
merger may also make purchases, adding to the possibility that the company
may become too rich to take over. In addition, if enough common shares
are bought the company will rise in stock value one to three levels during
the stock round, further making it harder to take over. Moreover,
even if the company is taken over, those shares will usually appreciate
even more in value, and one can hope for some dividend benefits from the
forthcoming system as well. Holding back the revenues in a company during
an operation round may not be as productive as investing in the company
because the increase in company cash will be partially offset by a drop
in share value. So each step of the way the president must carefully
calculate his likelihood of success in employing these various options.

5. DOUBLING
INITIAL REVENUES

Carl Burger suggested a simple ploy to double one's initial revenues
from train runs at the start of the game. It is a ploy that not only
may be an income booster for one's company, but could also be used to thwart
other players' train purchases, track builds, and potential mergers or
takeovers.

A company can only lay a maximum of four track tiles, of which only
two may be city tiles. Using the B&M as an example, the two city
tiles could be placed in Boston and the adjacent large city immediately
west of Boston. Two more track tiles can be placed in non-city hexes.
If one of these is a sharp curve placed immediately south of Boston and
its adjacent large city, such that the plain curved track connects both
cities, then there will be two routes that can be run to connect Boston
to its western neighbor. If the B&M buys two identical "2" trains,
it can earn revenues from both because they will follow different routes
to the same locations. In the case of the B&M, the trains would
have to be both station trains or mixed trains, depending on whether the
city west of Boston was given a station or a yard.

This ploy can be applied to many other locations, but it cannot be used
by companies in places surrounded by city hexes, namely, the LIRR, DL&W,
and NYC&HR in New York City; the CNJ next to New York City, and the
BR&P east of Buffalo. Locations connecting two large cities should
definitely have an advantage, but only the B&M and the LV are so favored.
All the rest connect a large city to a small one, or connect two small
cities. This ploy also works best on those locations where track
can run through plains and is therefore less expensive. A company
in one of the suitable locations will have a good reason for buying two
trains, and it will in addition deny such trains to its competitors, perhaps
slowing them down in the process.

There are some places on the map where using this ploy might be counterproductive.
For example, players usually wish to connect Cleveland to Toledo.
Placing a sharp curve west of Cleveland connecting to the small city southwest
of Cleveland would temporarily prevent track from running to Toledo.
This could be useful as a defensive move, however, if one didn't want the
PM or DTI to be able to quickly connect to Cleveland for fear of a hostile
takeover of your company by one of them, or to prevent a friendly merger
between one of them and another Cleveland company. Remember that
you may upgrade a tile only if you connect to it or have a token in it.
Since non-city yellow track upgrades to double-tracked versions of the
same track pattern, clever use of yellow track tiles may prevent a competitor's
corporation from expanding into areas in which you don't wish to see it.

6. TRAINS

All corporations must have at least one train to operate, and systems
must maintain a minimum of two trains once the first 3-train has been purchased.
A key factor in the success of any company or system is its ability to
run trains of the proper type along its lines. For example, the "coal
lines" that have only yard tokens can make no use of a station train, yet
to meet the requirement of owning a train they may sometimes find themselves
having to buy the wrong type of train. If unable to soon buy the
correct type of train, such a company will lose market value from lack
of dividends. On the other hand, if a merger is imminent, an unsuitable
train may become useful in the new system, thereby eventually earning its
keep. Generally, however, a corporation will want to own trains that
it can actually use. On some occasions, a corporation with extra
cash at its disposal may buy a train it cannot use for the purpose of preventing
a competitor from buying it and/or to resell it to a friendly company that
will need it but must make its train purchase after another company would
likely have bought it. One of the easiest ways to slow down the competition
is in fact to prevent them from obtaining the trains they need.

Should a corporation need a train but find itself lacking the financial
resources to obtain one, the corporation will go into receivership.
Receivership is usually very hard on a company unless by chance it occurs
in the last operation round of an operation set and the company
would also earn enough in that operation round to pay off its debt.
This means that corporations should always be planning ahead for their
next train purchases in order to avoid coming up short on cash when a new
train is required. Permanent trains don't appear until the 7-trains
are in play, but the high expense of the larger trains makes it vital that
a company receive increasingly larger influxes of cash on a regular basis.
This usually means that a corporation will at times have to withhold some
or all of the income from revenue runs, or will have to obtain additional
cash from purchases of its common stock. A merger or takeover is
another way to quickly gain sizable sums of cash, partly from the merger
bonus and partly from the funds owned by the company that is absorbed.
However, since a system must maintain two trains, this also will add to
it a financial burden as the game progresses. Normally, if a system
is of decent size with both stations and yards, and if it is running two
or more trains in the mid-game or endgame, it will generally be receiving
plenty of income and may find that it doesn't lack for cash to buy trains.
Moreover, the president of a system may use his own cash to help subsidize
the cost of a new train for the system, provided that the system will have
no cash after the transaction is complete. Owners of systems should
remember this tactic and use it to avoid the problems caused by a train
rush.

The purchase of a new type of train may cause an earlier type of train
to become obsolete. When corporations see their trains retired in
this way, some of them may have to buy new trains. If the purchase
of new trains causes another train type to become obsolete, this "train
rush" may cause some companies or systems to have to buy a greater number
of trains at a higher expense than they were prepared to buy. Thus
a train rush can easily lead to one or more receivership situations. Using
a six-player game as an example, suppose that the game reaches a state
of five systems and 4 companies, necessitating a minimum of 14 trains to
be in play. The first five train has appeared, so there are no 2-trains
running. There will be eight 3-trains in play, seven 4-trains, and
now the first of five 5-trains. This makes twenty trains that can
be in play when only 14 minimum are needed. However, some companies
and systems will be running more trains than the necessary minimum.
As soon as the first 6-train is bought, the eight 3-trains will disappear,
leaving 13 trains in play. At least one company will be short a train.
Companies that don't need another train may buy one anyway, chiefly to
prepare for the imminent loss of the 4-trains. So soon the 6-trains
are all gone. Then a 7-train is bought and the 4-trains all disappear.
Now only five 5-trains, five 6-trains and the new 7-train are in play.
That is three less than the minimum 14 trains required for existing companies
and systems, and some of those corporations may have more than their own
minimum. This means some of the other corporations face the prospect
of buying one or perhaps two expensive trains. The specter of receiverships
looms. This can all happen very quickly, such that in the course
of one operation round two types of trains may disappear. Such a
train rush can be disastrous for corporations unprepared for it.
As Carl Burger would say, "Don't let the train rush eat you alive!"